Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Russia to Sell New Jet Aircraft by 2017

Russia expects to begin selling its new MS-21 aircraft in 2016 or 2017 as it seeks to compete with Boeing's 737 and Airbus's 320 single-aisle planes, Industry and Trade Minister Viktor Khristenko said Thursday during a meeting with Prime Minister Vladimir Putin.

The passenger jet will be "15 percent better" than its main rivals, Khristenko said, according remarks published on the government's web site.

The short- to mid-range plane that will seat up to 210 people is being developed by United Aircraft Corporation, the state-controlled aerospace group. The government chose Irkut to manufacture the airplane, Khristenko said.

The engine for the new plane will be developed and produced domestically, Khristenko said. The government is spending 28 billion rubles ($900 billion) this year in state aid, subsidies and loan guarantees to bolster the makers of engines for aircraft and turbines, he said.